Dar es Salaam, March 6 -- ZANZIBAR: Stanbic Bank Tanzania (SBT) and the Peoples Bank of Zanzibar (PBZ Bank) have formed a strategic partnership as Co-Mandated Lead Arrangers to facilitate a local syndicated loan to support funding the socio-economic development agenda of the Revolutionary Government of Zanzibar (SMZ).

The first tranche of the loan is valued at 185bn/- which is financed by SBT and PBZ as Original Lenders.

The two renowned financial institutions formalized their collaborative development financing partnership on Wednesday in Unguja, in the presence of the Minister of State in the Presidents Office, Finance and Planning, Dr. Saada Mkuya who emphasized that the lending will stabilize the Isles economy and drive sustainable ...